The Worldwide Smart Harvest Industry is Projected to Reach $16.8 Billion by 2027 at a 12.5% CAGR - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Smart Harvest Market - A Global and Regional Analysis: Focus on Product and Application, Value Chain, and Country Analysis - Analysis and Forecast, 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global smart harvest market was valued at $8,380.0 million in 2021 and is projected to reach $16,850.0 million by 2027, growing at a CAGR of 12.50% during the forecast period 2022-2027.

The growth in the global smart harvest market is expected to be driven by the increasing adoption of smart agriculture practices, labor shortage in agriculture farms, and increasing need for sustainable agriculture.

Market Lifecycle Stage

The smart harvest market is in the introductory growth phase. Increased research and development activities in agriculture, rising awareness of tech-based farming, and shortage and aging of agricultural workers in many countries are expected to increase the demand for smart harvesters such as robotic harvesters and automated tractors among farmers and other agriculture companies. Increasing crop production costs and increasing need for workforce automation are further supporting market growth.

Increasing adoption of robotic technology in agriculture practice and the implementation of several sensors as well as 3D imaging in smart farms are some of the major opportunities in the global smart harvest market. Moreover, the smart harvest market has huge opportunities in the Asia-Pacific region since most of the countries located in this region have huge agricultural sectors, which contribute to the nation's GDP.

Impact

• North America generated the highest revenue of $2,290.0 million in 2021, which is expected to reach $4,540.0 million by 2027. The region has been experiencing rapid growth in the smart farming industry in the past few years owing to increasing technological advancements and increasing government support for the usage of smart equipment. Owing to several benefits of smart farming, farmer and growers in this region are adopting different technologies on their farms, such as GPS, drones, robots, smart controllers, monitors, and others. All these factors are further influencing the market growth of smart harvest technologies in North America.
• Furthermore, Europe generated a revenue of $1,740.0 million in 2021 and is expected to grow at a CAGR of 10.37% from 2022 to 2027. High revenue generation was majorly attributed to increasing the use of smart farming systems and increasing investments from the European Commission for IoT-based smart farming. Most of the growth is expected to be driven by Eastern Europe countries in the forecast period.

Recent Developments in Global Smart Harvest Market

• In June 2022, Dogtooth Technologies introduced its latest fleet of strawberry-harvesting robots, mainly in the U.K. and Australia, to ease growers' labor woes.
• In November 2021, Iron Ox launched Grover, an all-new autonomous mobile robot. Grover is a durable, hygienic as well as highly capable autonomous mobile robot that allows Iron Ox to save water, land, and energy.
• In November 2021, Fieldin acquired Midnight Robotics to advance its autonomous platforms. This acquisition was aimed at creating a brand-new sensor-based platform with driving technologies to improve the day-to-day management of the farm.
• In February 2019, OCTINION launched a strawberry-picking robot named Rubion. Rubion navigates through the strawberries, detects the ripe ones, picks the fruits without bruising, and places them in its punnet.

Demand - Drivers and Limitations

Following are the demand drivers for the smart harvest market:

• High Adoption of Smart Agriculture Technique to Optimize Crop Yield
• Need for Reducing Crop Production Cost
• Lack of Sufficient Workforce

The market is expected to face some limitations due to the following challenges:

• High Cost of Smart Harvesting Equipment
• Less Adoption among Small-Scale Farmers
• Technical Complexities Affecting Smart Harvest Adoption

Companies Mentioned

• Agrobot
• Harvest Automation
• Iron Ox
• Dogtooth Technologies Limited
• MetoMotion
• Mycionics Inc.
• Panasonic Holdings Corporation
• TORTUGA AGRICULTURAL TECHNOLOGIES, INC.
• AVL Motion B.V.
• Harvest CROO
• Cerescon BV
• Deere & Company
• Energid Technologies Corporation
• FFRobotics
• Ripe Robotics
• Robert Bosch GmbH
• Vision Robotics Corporation
• Advanced Farms Technologies, Inc.
• Antobot
• Exabit Systems Pvt. Ltd.
• OCTINION

Market Segmentation

Segmentation 1: by Application

• Site of Operation (Controlled Environment Agriculture, On-Field Agriculture)
• Crop Type (Fruits, Vegetables, Others)

Segmentation 2: by Product

• Hardware
• Software
• Services

Segmentation 3: by Region

• North America - U.S., Canada, Mexico, and Rest-of-North America
• Europe - Germany, Spain, France, and Rest-of-Europe
• China
• U.K.
• Asia-Pacific - Japan, India, Australia, and Rest-of-Asia-Pacific
• South America - Brazil, Argentina, and Rest-of-South America
• Middle East and Africa - Turkey, South Africa, and Rest-of-Middle East and Africa

For more information about this report visit https://www.researchandmarkets.com/r/en0ylz